$95M Sale of Tallahassee Mixed-Use Sets Multifam, Office, Retail Records
CBRE has facilitated the sale of The Cascades, a mixed-use property located on Gadsden Street in Tallahassee, FL, for $95 million.
A CBRE team of Frank Carriera, Mike Regan, Joe Ayers, Cliff Taylor and Mike Harrell represented the both the buyer, Becovic Management Company, and the seller, North American Properties, in the transaction.
Constructed in 2021, The Cascades includes 161 multifamily units; 44,247 square feet of office space; 29,553 square feet of ground floor retail; central plaza; historical plaza; 4,914-square-foot historic building; 770-space parking garage and three development pads that can support an additional 173 multifamily units.
“The property leased-up at an extraordinary rate on the multifamily side and has executed exceptional leases on the office and retail side,” said Ayers “We were able to relay this message and deliver a record price per unit on the multifamily, as well as a record price per square foot for both the office and retail portions of the project.”
- ◦Sale/Acquisition
